Coinbase Seeks Brand Exposure with Germany’s Second-largest Soccer Club

The exchange is reinforcing an existing partnership and will be Borussia Dortmund’s premium partner for at least another six months

article-image

Source: Shutterstock / Novikov Aleksey, modified by Blockworks

share

Cryptocurrency exchange Coinbase isn’t shying away from advertising despite cutting costs in other areas. 

The exchange is strengthening ties with German soccer club Borussia Dortmund (BVB), local outlet Handelsblatt reported

After establishing a partnership in July 2021, the club displayed ads for Coinbase on screens in its stadium and held crypto-related educational workshops for its employees.

That partnership is now leveling up as advertising will expand across marketing channels, including ads on the club’s stadium perimeter board, which will enhance virtual exposure for Coinbase at local events.

A Coinbase spokesperson previously told Blockworks the exchange intends to keep all its current sports sponsorship commitments.

For now, the partnership has a time period and will reportedly last until June. The club’s managing director Carsten Cramer indicated that prudence is due to the crypto industry still being relatively new. “That’s why we want to keep our flexibility open,” he told Handelsblatt.

Borussia is the name of a local Dortmund brewery. The football club which dates back to 1909 is  listed on the Frankfurt Stock Exchange, so it has a responsibility to shareholders to be cautious about its partnerships.

Coinbase was the first company to gain a license for crypto custody from the German Federal Financial Supervisory Authority (BaFin) in June 2021, which was a significant reason for the club’s decision to partner with the company.

Now, some five companies hold the same permit.

Neither Coinbase nor BVB have mentioned how much BVB is getting for the sponsorship,  though Cramer said they “didn’t receive the most tempting offer.”

The soccer world has become an attractive sector for crypto partnerships. Crypto[dot]com was a prominent brand in last year’s FIFA World Cup held in Qatar. And Coinbase already inked sports partnerships with the National Basketball Association, the Women’s National Basketball Association and other affiliates in 2021.

Still, the exchange was impacted by the crypto winter and cut more than 2,000 jobs in the last year. It also recently decided to pull out of a major crypto market, saying it would shut down operations in Japan. 

Coinbase and BVB expect to decide whether to extend their partnership by April or May.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

Sponsored

The convergence of AI and blockchain on Polkadot represents a groundbreaking opportunity for investors and developers alike

article-image

The company is making public a previously private offer rejected by Bitfarms’ board of directors last month

article-image

Semler Scientific, a publicly traded medical tech company, joined MicroStrategy by buying up millions of bitcoin

article-image

As someone who’s been knee-deep in the trenches of blockchain development, I can’t help but wonder if these behemoths are really cutting it anymore

article-image

UNI and MKR are suffering from the successes of their respective protocols

article-image

Maybe there’s no silver bullet to avoiding most tokens dumping after launch…